Modular/Prebfab Homes

[RDJ]

You only have a return on investment if you have $120k in your pocket right now or if you have that after moving to a comparable house. The only investment you're getting a return on is a place to retire

it depends on how you calculate it. I could sell this place today, buy a smaller place and bank close to 200k. I could bank more than that if I wanted to move to land I own in MO. I would agree that technically I wouldn't see a ROI unless I sold. but whatever

 

[CobraVenom01]

My first house was a modular home. My wife and I paid $217500 in 2016 and just sold this past September for $295k. Did nothing but live in it for 2 years. It was a beautiful house, we just out grew it when we had our daughter. It was on a concrete block foundation, so it had a small crawl space, which ended up being great for ease of electrical, plumbing or whatever else may need to be done under the house.

Because of the profit, we were able to purchase in the neighborhood i grew up in, my parents still live there as well. We are one street over from them. Upgraded to a 2000 sq feet 4 bed 2 bath 2 car with pool and fire place. Very happy even though it was a fixer upper. No big deal for us as I do all the work, we flip condos on the side.

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[T's03GT]

Been having issues with getting on the site lately.

IMO, I say build a home. Anytime you make decisions like this, you have to be willing to live with them for a very, very long time if things go south. If you can swing it, I'd say build a home 100%.

Obviously the option that first popped into my mind was that. However, I have a house and land coming to me in due time when the unfortunate happens. The whole point of me thinking about a modular is because of that; the future is what I am planning for. In my eyes, why spend probably double the cost to have a house built that is just as nice, on the same land, for the same amount of time that I would as if I were to buy a modular? If I planned on staying there forever, I'd lean more towards a stick build.

Prefab/modular no longer means a glorified trailer. Many companies stick build the house in huge sections at their facility, then transport them to the homesite. These things are shingled, wired, plumbing installed, interiors painted, cabinets installed...

It allows the entire structure to be delivered and connected in a day or so. No hoping it doesn’t snow or rain before getting it under roof or windows installed.

It is a lot cheaper and takes less time. A buddy’s son is considering doing this on their land, and I will be watching and asking a lot of questions if he goes this route.

A lot of people do not realize the difference between modular and manufactured. I think some in this thread are getting them confused for one another. I have been on modular homes before and literally would have never known the difference until I was told so..

Come back to this thread when you try to sell it.

In regards to this, the fact that I am able to get land how I can because of my family, I don't foresee resale value being much of an issue at all, especially around here. Land around here goes for a lot more than most places and the fact that ours is farm ground, even more of a way to bargain on the price.

how long do you plan on living in it?

Like I said above in this reply, not forever. I fully plan on moving into my grandparents house when the time comes.

From a real estate brokers view, modulars are made better than some stick builts. Don't confuse a modular with a trailer or mobile home, they're not even close. I just closed a mod in October for nearly a half million. Off frame mods are just as marketably valuable as stick built homes. Their appraisals come in the same and sometimes more then their stick built equivalent. In this area we have mods in excess of $ 1mil. I wont take on or list Mobile homes because of the depreciation factor. Off frame mods appreciate like any other home and most people can't tell the difference.

unlike what some believe Mods appreciate just as any other real property. not every market is the same. two cities right next to each other could have two completely different markets.

In NC, when listing any home, you do have to disclose its construction type. mods do not effect the appraisal one bit. Anyone who would tell you different, well, just doesnt understand how real estate works.

The most recent modular listed for a client, and closed on sold for $449,000. they were the 3rd owner of the home. It was built in 2005, and at that time it sold for $309,000. It was listed and sold again in 2007 for $359,000, My clients bought it in 2009 for $389,000 and in October of 2018 it was sold for $449,000. When I listed it, I had a formal appraisal done, because you can bet when a buyer comes along, their lending institution will have one done. The appraisal I had done came in at $459k. The buyers appraisal came in at $464k.

OP if you have any more questions on Mods, PM me because you are going to get answers here people who have absolutely zero clue of real knowledge about the topic. Even more, go to some real estate professionals in your area for a more informative answer.

Today, to an untrained eye, most people cant tell the difference between a stick built home and a mod because of the quality of construction. now a days, the only way you can tell is by a good trained eye from the inside. When I held my open house for that modular, not one single person believed it was a modular. Including the bank for the buyers. They had to send a special inspector out to verify it was a mod. I could play a game with some of the morons and post pictures of mods and stick builts and i would bet a Benjamin not one of them would get it 100% right.

but just for giggles, ill post some pics of the recent mod i closed on.




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I will for sure send a message your way this week.

My brother did a modular and I did stick built, it's hard to tell which one is the mod unless you know what to look for. I used to build houses years ago, I think his is very well built.

I would also recommend taking a tour of the factory that will be building it, you get to see the whole process.

I fully planned on doing that when I find the right place to check into, if I decide to go this route. Which I am honestly almost sold on it as of right now.

 

[thomas91169]

Depends. Honestly some of you guys where a nice 3br/2ba can be had for $200k or less, not sure why you'd even consider this option unless you already owned land/property and just wanted something cheap to stick on there.

A bunch of people I know down here now own modular homes because its the only way you can get a decent looking 3-4br for under half a mil anymore, and even then if you have to pay the spot least it still is expensive. However, once you are inside the home, these newer built modulars are incredibly nice inside. Their 2015 modular home had better amenities than our other coworkers actual new house on the side of the hill that was built in 05.

 

[08mojo]

Heres some pics of my Modular closing from October.

There are agents in my office currently have $700+ mods.View attachment 1542884View attachment 1542885View attachment 1542886View attachment 1542887View attachment 1542888View attachment 1542889View attachment 1542890

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I give up. What are the clues to tell it's a modular home? The front exterior looks odd to me, but that's it.

 

[Outlaw99]

I give up. What are the clues to tell it's a modular home? The front exterior looks odd to me, but that's it.

The best way is from the inside, a,seam in the ceiling where the halves or parts are put together.

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